Paychex plans to introduce new products and services this quarter to improve business operations and ensure compliance.
The products include Paychex Solo, a package designed to meet the specific needs of sole proprietors; enhancements to Paychex Flex Payroll; I-9 and E-Verify capabilities; and HR Conversations, a new performance management tool..@Paychex plans to introduce new products and services this quarter to improve business operations and ensure compliance. #HR #HRTech #SMB Click To Tweet
The solutions “are designed to help solve common HR and payroll challenges as employers and employees find themselves with more to do than ever with less time to get it all done,” said company President and CEO Martin Mucci.
- Paychex Solo combines incorporation services, payroll and a 401(k) plan into a single solution designed to help business owners pay themselves a predictable wage while meeting tax obligations. The services allow owners to automate FICA tax withholdings on their W-2 wages rather than budget for personal income tax payments, which means they can create an owner-only plan to apply pretax dollars to retirement savings.
- Paychex Flex Payroll will add an enhanced grid entry view, allowing customers to multiple pay-entry options from a single platform. Although available to all payroll customers, the enhancement is designed for power users who want to quickly input complex payroll information. The interface, Paychex said, is designed specifically for speed and offers more flexibility, customization and visibility into employee pay data. In addition, it works with customizable input templates, import feature and APIs.
- Form I-9 and E-Verify expands Paychex’s employee verification capabilities to allow companies to complete the Form I-9 and E-Verify processes electronically. Besides aiding with compliance, the company said the feature will reduce time spent on verification. Employers can integrate it with the Paychex Flex onboarding process to save time and improve efficiency.
- HR Conversations is a new tool in the Paychex performance management module. It helps managers, employees and HR capture day-to-day interactions and collaborate. Leaders have the ability to digitally document employee interactions and track progress.
- Document Management, also new functionality, gives users a centralized, secure place to store company forms, policies and references, as well as employee documents and certifications. Access is role-based, document-specific and requires leadership to grant proper approvals.
This isn’t the first round of enhancements rolled out by Paychex this year. Last month the company began offering cyber-liability protection through Paychex Insurance Agency and AXIS Insurance Company. In January, it announced new features including its performance management module, workflow approvals, real-time analytics and configurable events.
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